Midday Market Commentary For 06-20-2012
Nothing out of the ordinary as the Fed’s keep the key rate of 0.25% unchanged and rereading last meetings notes they said today, “it is prepared to take further action “as appropriate” and that they will “extends Operation Twist through end of this year. All of that sent the markets tumbling in slow motion, again, as expected should this course of action be taken. Seriously, did you expect anything different? I wonder the number of ‘sheeples’ that got fleeced today. If the financial reporting during the rest of the week is ‘not so good’, you can expect today to mark the end of the ‘Summer Rally’. Some of the die-hard bulls are trying desperately to hold on by buying into the dip bringing the averages back up to where they were before the Fed announcement but on low green volume. I don’t expect this rise to last for very long.
The DOW is at 12792 down 39.62 or -0.30%.
The 500 is at 1352 down 5.44 or -0.36%.
$RUT is at 784 down 1.95 or -0.25%.
SPY is at 135 down 0.32 or -0.28%.
The trend is down and the current bias is down.
WTI oil is at 81.55 falling a point from earlier numbers.
Brent crude is at 93.15.
Gold took a tumble to 1590 and recovered to 1603.
Read the entire Fed text here:
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Written by Gary